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Bitcoin is on a roll in 2023, breaking records left and right. For example, on May 2, at block height 787,895, the hashrate of the cryptocurrency soared to 491 exahash per second (EH/s). Additionally, on April 20, at a block height of 786,240, the difficulty hit a new high of 48.71 trillion. But that’s not the only thing that has skyrocketed this month. The number of daily transactions processed on the Bitcoin network also hit an all-time high, with 682,281 transactions on May 1 and 671,668 confirmed transactions nine days later.
The number of daily Bitcoin transactions breaks records, nearly 700,000 per day
Bitcoin broke records in 2023, with its hashrate and difficulty reaching new all-time highs. But it hasn’t all been easy for cryptocurrency. On May 7, over 500,000 unconfirmed transactions wreaked havoc on the mempool, leading to skyrocketing fees.
Bitcoin transactions per day according to ycharts.com.
Although this was a record number of unconfirmed transactions, the congestion has since eased and there are now around 250,000 transactions waiting to be processed. It is also no secret that ordinal registration activities have played a major role in causing much of the backlog.
Despite the drama caused by the transaction queue, the cryptocurrency network managed to process an impressive number of transactions per day. May was a particularly notable month, with the network hitting an all-time high (ATH) for confirmed daily transactions from day one.
Number of confirmed transactions per day from May 1 to May 14, 2023 (left photo) and from April 6 to April 19, 2023 (right photo) via ycharts.com.
682,281 bulk transfers were confirmed on May 1, just a day before Bitcoin’s hashrate hit an ATH of 491 EH/s. From May 6 to May 15, 2023, transactions per day were no less than 500,000, and on May 10, miners confirmed 671,668 transactions.
Bitcoin shows no signs of slowing in the number of daily confirmed transactions, with 631,677 transactions processed on May 14 alone. But with around 250,000 unconfirmed transactions still lingering in the mempool, the fee is between $1.46 and $2.42 per transfer.
According to archived data collected by mempool.space, a high priority transfer will cost the sender $2.42 per transaction, while a medium priority transfer costs $1.96 and a low priority transfer costs $1.46. $ at the time of writing. Despite the high fees, the Bitcoin network continues to operate, having processed 550,239 transactions so far on Monday, according to fork.lol statistics from May 15, 2023.
Tags in this story All Time High, Bitcoin, Bitcoin (BTC), Bitcoin Network, Blockchain, BTC, Cryptocurrency, difficulty, Fees, Hashrate, Mempool, network, record, tpd, Number of transactions, transactions, Transactions per day
What do you think the future holds for Bitcoin’s daily transaction count? Will it continue to break records or will we see a slowdown in the coming months?
Jamie Redman
Image credits: Shutterstock, Pixabay, Wiki Commons
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